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In Swissquote’s Monday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for GPB/USD and USD/JPY. To view and download the entire report, click here (PDF).

GBP/USD: Post-Scotland referendum bounce fades

GBP/USD recovery above the 1.6500 handle has faltered. Failure to rally above key resistance at 1.6644 (see also the 200 day moving average) signals a period of sideways trading. Hourly supports can be found at 1.6345 (intraday low) and 1.6247 (18/09/2014 low).

In the longer term, the collapse in prices after having reached 4-year highs has created a strong resistance at 1.7192, which is unlikely to be broken in the coming months. Monitor the recent rebound as it could signal the start of a medium-term consolidation phase. A support lies at 1.6052, while a strong support stands at 1.5855 (12/11/2013 low).

The first objective at 1.6495 of our long strategy has been reached. We have updated our stop-loss.

USD/JPY: Minor bullish pause

• USD/JPY continues its steep advance and is now close to the major resistance at 110.66. Given the overextended rise, the odds to see a short-term correction are increasing. Hourly supports can be found at 108.37 (intraday low) and 107.39 (12/09/2014 high).

• A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds. The recent new highs confirm a strong underlying bullish trend. Despite a likely pause near the major resistance at 110.66 (15/08/2008 high), an eventual break to the upside is favoured. Another resistance can be found at 114.66 (27/12/2007 high).

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